Combination of hipster and fag. May also be spelled "hipster-fag" or "hipster fag". Used as a derogatory term to describe particularly pretentious members of the hipster or emo scene by appending "fag" to mean "stupid".

As I walked by the bistro yesterday, I saw that hipsterfag from my English Lit class in a Che Guevara shirt and rolled up levi's eating tempeh and talking to some white girl with dreadlocks about Federico Fellini movies.